Nigeria’s FX demand hits 15-year high of $18.34 billion in Q2 2026
Nigeria's foreign exchange utilisation rose to $18.34 billion in the second quarter of 2026, its highest quarterly level since Q3 2011, driven by services and financial payments rather than merchandise imports. The post Nigeria’s FX demand hits 15-year high of $18.34 billion in Q2 2026 appeared first on Nairametrics .
Nigeria's foreign exchange demand surged to a 15-year peak of $18.34 billion in the second quarter of 2026, the Financial Markets Dealers Association (FMDA) reported. This marked a 12.84% increase from $16.25 billion in Q1 2026 and a 52.42% rise from $12.03 billion in the same period last year. Services and financial payments were the primary drivers, with invisible-related transactions reaching a record $13.24 billion, or 72.19% of the total demand.
Merchandise imports, however, fell by 1.49% year-on-year to $5.10 billion. The surge in financial and services transactions was attributed to cross-border investment and payment flows, though the source did not break down the exact figures. Net FX flows, which reflect the difference between reported inflows and outflows, also rose sharply, reaching $23.31 billion, their highest level since Q1 2020.
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